Chase Knocks Objections To $300M Force-Placed Settlement
By Melissa Lipman
Law360, New York (February 5, 2014, 4:30 PM ET) -- JPMorgan Chase NA urged a Florida federal court Tuesday to approve a $300 million class action settlement over allegations that it took kickbacks for referring customers to Assurant Inc.'s force-placed insurance business, suggesting that only the objectors’ lawyers stood to benefit from fighting the deal.
Homeowners sued JPMorgan and Assurant Inc. in June 2012, claiming they conspired to inflate premiums for so-called force-placed insurance, which lenders require homeowners to purchase if their existing policies lapse. The suit also claimed JPMorgan took kickbacks from Assurant for directing...